Sensex and Nifty Expected to Open Flat Amid Unclear Global Stance...

EQUITY BULLETIN FOR 31 JULY 2024

Domestic indices Sensex and Nifty 50 are expected to open flat on July 31, with GIFT Nifty trading near 24,927.5 early this morning. Indian markets erased most gains and closed flat, mirroring mixed global equities ahead of key rate decisions from the Bank of Japan and the US Federal Reserve this week.

At the close, the Sensex rose by 0.12 percent or 99.56 points, while the Nifty settled at 24,857.30, up 0.09 percent or 21.2 points. Intraday, the Sensex gained 459 points, and the Nifty jumped 136 points.

Nifty Future Overview

Nifty Futures again bounced from the lower levels to 25K mark but slipped from the psychological level in the last trading session. Now we will expect both side move for the day.

Now Nifty has major support around 24800 and upside resistance around 25020. Break and sustain above 25020 could propel Nifty towards levels of 25080-25140.

Conversely, a downturn below 24800 may trigger a decline to 24720-24650 levels. Sell on rise around resistance will be a fruitful strategy for the traders.

Trading Strategy for Nifty Futures 

Traders are advised to Buy Nifty Futures around 24840, with a stop loss set below 24680 for potential targets up to 24950—25040 levels.

Bank Nifty Overview    

Bank Nifty unable to breach crucial level of 52K mark and slipped sharply in the late hours of the last trading session. Now Bank Nifty Futures has a near support around 51200 and resistance at 51800, sustained movement beyond 51800 could lead Bank Nifty towards 52100-52300 levels.

Conversely, a breach below 51200 may drive it down to 50900-50600 levels. Any sharp decline around the support level will be the best entry for the traders.

Trading Strategy

Buy Bank Nifty Future around 51300 with a stop loss below 50900 for the upside movement till 51700—51900 levels in an intraday trading session.

In conclusion, traders are advised to remain vigilant amidst market fluctuations and capitalize on strategic entry and exit points to optimize their trading endeavors.

Stock Pick of the Day

BANKBARODA (31/07/2024)

Buy Bank Baroda Futures above 260 for the upside move till 267 and then to 272 levels in the coming days. Stop loss below 254.           

Stay tuned for further insights and updates from Millennial Investor Services - Your Trusted Stock Market Advisory Partner.